Does the color of an object change with shape change

Crane Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $

guajiro [1.7K]

Answer:

See below

Explanation:

Crane corporation

Ending inventory

2019 $1,120,000

2020 $1,271,000/1.08 = $1,176,852

Ending inventory [$1,120,000+ (1,176,852 - $1,120,000)× 1.08]

= [$1,120,000 + $61,400]

= $1,181,400

2021 $1,417,000/1.26 = $1,124,603

2022 $1,623,000/1.31 = $1,238,931

Ending inventory [$1,124,603 + ($114,328 × 1.31)]

= $1,124,603 + $149,770

= $1,274,373

Therefore, the cost of the ending inventory at December 31, 2020 under dollar value LIFO would be $1,274,373

5 0

3 years ago

Your boss has asked you to calculate the profitability ratios of Cold Goose Metal Works, Inc. and make comments on its second-ye

Alinara [238K]

Answer:

Gross Margin % 59.2% 53.8%

compares gross profit to sales revenue

Ne income Margin 32.0% 28.9%

compares net income to sales revenue

ROA return on assets 10.8% 12.3%

net earnings relative to the company’s total assets.

ROE return on equity 32.5% 23.1%

net income relative to stockholders’ equity,

Explanation:

Net Sales 3,810,000 3,000,000

Operating costs less depreciation/amortization 1,365,000 1,267,500

Depreciation and amortization 190,500 120,000

Total Operating Costs 1,555,500 1,387,500

Operating Income (or EBIT) 2,254,500 1,612,500

Less: Interest 225,450 169,313

Earnings before taxes (EBT) 2,029,050 1,443,187

Less: Taxes (40%) 821,620 577,275

Net Income 1,217,430 865,912

assets 11,277,600 7,050,000

Equity 3,750,000 3,750,000

Gross Margin % 59.2% 53.8%

compares gross profit to sales revenue

Ne income Margin 32.0% 28.9%

compares net income to sales revenue

ROA return on assets 10.8% 12.3%

net earnings relative to the company’s total assets.

ROE return on equity 32.5% 23.1%

net income relative to stockholders’ equity,

8 0

3 years ago

Define foreclosure economics.

Kobotan [32]

Answer:

Foreclosure is the legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property

8 0

2 years ago

Blythe Industries reports the following account balances: inventory of $417,600, equipment of $2,028,300, accounts payable of $2

aleksley [76]

Answer:

$783,400

Explanation:

The total assets comprise of current assets, fixed assets ,and the intangible assets

The current assets include cash, stock, account receivable, etc

Fixed assets include plant & machinery, land, equipment, furniture & fittings, etc.

And, the intangible assets include patents, copyrights, goodwill, etc.

So, the amount of the current assets is shown below:

= Inventory + cash + account receivable

= $417,600 + $51,900 + $313,900

= $783,400

The account payable is a current liabilities, Hence, we do not considered for the computation part

6 0

3 years ago

During December of Year 1, Nile Co. incurred special insurance costs but did not record these costs until payment was made durin

o-na [289]

Answer:

The omission of this entry understated accrued liabilites. given that the related inventory was sold in year 1, it aslo overstated net income and retained earnings by understating cost of goods sold, the same effects would occur if the insurance costs were chargeable to expense as a period cost

Explanation:

Rules specify that contingent liabilities should be recorded in the accounts when it is probable that the future event will occur and the amount of the liability can be reasonably estimated. This means that a loss would be recorded (debit) and a liability established (credit) in advance of the settlement.

4 0

3 years ago